
IAS 8
Authored by Tiaan Redelinghuys
Business
1st - 3rd Grade
Used 9+ times

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8 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 15 pts
Which of the following event(s) are accounted for retrospectively?
Changes in estimates
Changes in estimates, changes in accounting policies
Changes in accounting policies, corrections of errors
Corrections of errors
2.
MULTIPLE CHOICE QUESTION
2 mins • 15 pts
Which of the following event(s) are accounted for prospectively?
Changes in estimates
Changes in estimates, changes in accounting policies
Changes in accounting policies, corrections of errors
Corrections of errors
3.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
Which of the following does NOT constitute a change in estimate?
Change in useful life of an asset (IAS 16, 38 and 40)
Change in number of share options expected to vest (IFRS 2)
Change in depreciation/ amortisation method (e.g. straight-line, unit of production)
Change in measurement basis (e.g. cost model, revaluation model)
4.
MULTIPLE CHOICE QUESTION
2 mins • 20 pts
Since FY2020, Company A erroneously depreciated PPE over a period of 5 years, instead of 7 years. Which period(s) would be covered by the correction of error note included in the AFS for FY2022?
FY2020
FY2020 & FY2021
FY2020 to FY2022
This constitutes a change in estimate, not a correction of error.
5.
MULTIPLE CHOICE QUESTION
2 mins • 20 pts
Which one of the following changes in accounting policies would be permissible?
All changes in accounting policies are permissible
Cost model to revaluation model
Revaluation model to cost model
Fair value model to cost model
6.
MULTIPLE CHOICE QUESTION
2 mins • 5 pts
How many periods will be disclosed in the SFP portion of a change in accounting policy note, assuming that the company has been operating for several years?
One year
Two years
Three years
All periods since incorporation
7.
MULTIPLE CHOICE QUESTION
2 mins • 15 pts
Should a company always correct prior period errors?
Yes
No, only if it is material
No, only if it is material and the information was available and obtainable before the AFS were authorised for issue
No, only if the information was available and obtainable before the AFS were authorised for issue
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